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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MAY 15, 1998
STEWART ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
LOUISIANA 0-19508 72-0693290
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
110 VETERANS MEMORIAL BOULEVARD
METAIRIE, LOUISIANA 70005
(Address of principal executive offices) (Zip Code)
(504) 837-5880
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
Effective November 1, 1997, the Company adopted Statement of Financial
Accounting Standards No. 128 "Earnings Per Share," which requires the
presentation of basic and diluted earnings per share for each period that a
statement of earnings is presented. Basic earnings per share is computed by
dividing net earnings by the weighted average number of common shares
outstanding during the period. Diluted earnings per share is computed by
dividing net earnings by the weighted average number of common shares
outstanding plus the number of additional common shares that would have been
outstanding if the dilutive potential common shares (in this case, exercise of
certain of the Company's stock options) had been issued during the period.
The following data, adjusted for the Company's two-for-one common stock
split effected April 24, 1998, provides a reconciliation between basic and
diluted earnings per share for the respective periods during fiscal year 1997
(amounts in thousands, except per share data). The following data excludes the
cumulative effect of the change in accounting principles effective November 1,
1996, which resulted in a decrease in net earnings of $2.3 million, or $.03 per
share (basic and diluted) for the three months ended January 31, 1997, $.02 per
share (basic) and $.03 per share (diluted) for the six months ended April 30,
1997, and $.03 per share (basic and diluted) for the nine months ended July 31,
1997 and the year ended October 31, 1997.
<TABLE>
<CAPTION>
EARNINGS SHARES PER SHARE
Three months ended January 31, 1997 (NUMERATOR) (DENOMINATOR) DATA
----------------------------------- ----------- ------------- ---------
<S> <C> <C> <C>
Earnings before cumulative effect of change in
accounting principles.............................. $ 15,007
===========
Basic earnings per share:
Earnings available to common shareholders......... $ 15,007 83,706 $ .18
=======
Effect of dilutive securities:
Stock options assumed exercised................... --- 1,100
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Diluted earnings per share:
Earnings available to common shareholders
plus stock options assumed exercised............ $ 15,007 84,806 $ .18
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Three months ended April 30, 1997
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Net earnings.......................................... $ 17,268
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Basic earnings per share:
Net earnings available to common shareholders...... $ 17,268 84,323 $ .20
=======
Effect of dilutive securities:
Stock options assumed exercised.................... --- 890
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Diluted earnings per share:
Net earnings available to common shareholders
plus stock options assumed exercised............. $ 17,268 85,213 $ .20
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Six months ended April 30, 1997
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Earnings before cumulative effect of change in
accounting principles.............................. $ 32,275
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Basic earnings per share:
Earnings available to common shareholders.......... $ 32,275 84,009 $ .38
=======
Effect of dilutive securities:
Stock options assumed exercised.................... --- 994
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Diluted earnings per share:
Earnings available to common shareholders
plus stock options assumed exercised............ $ 32,275 85,003 $ .38
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EARNINGS SHARES PER SHARE
Three months ended July 31, 1997 (NUMERATOR) (DENOMINATOR) DATA
----------------------------------- ----------- ------------- ---------
Net earnings.......................................... $ 19,051
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Basic earnings per share:
Net earnings available to common shareholders...... $ 19,051 89,651 $ .21
=======
Effect of dilutive securities:
Stock options assumed exercised.................... --- 829
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Diluted earnings per share:
Net earnings available to common shareholders
plus stock options assumed exercised............ $ 19,051 90,480 $ .21
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Nine months ended July 31, 1997
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Earnings before cumulative effect of change in
accounting principles.............................. $ 51,326
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Basic earnings per share:
Earnings available to common shareholders.......... $ 51,326 85,911 $ .60
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Effect of dilutive securities:
Stock options assumed exercised.................... --- 947
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Diluted earnings per share:
Earnings available to common shareholders
plus stock options assumed exercised............ $ 51,326 86,858 $ .59
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Three months ended October 31, 1997
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Net earnings.......................................... $ 18,416
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Basic earnings per share:
Net earnings available to common shareholders...... $ 18,416 97,288 $ .19
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Effect of dilutive securities:
Stock options assumed exercised.................... --- 748
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Diluted earnings per share:
Net earnings available to common shareholders
plus stock options assumed exercised............ $ 18,416 98,036 $ .19
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Year ended October 31, 1997
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Earnings before cumulative effect of change in
accounting principles.............................. $ 69,742
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Basic earnings per share:
Earnings available to common shareholders.......... $ 69,742 88,778 $ .79
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Effect of dilutive securities:
Stock options assumed exercised.................... --- 897
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Diluted earnings per share:
Earnings available to common shareholders
plus stock options assumed exercised............ $ 69,742 89,675 $ .78
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</TABLE>
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
STEWART ENTERPRISES, INC.
May 15, 1998 /s/ KENNETH C. BUDDE
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Kenneth C. Budde
Senior Vice President-Finance
Secretary and Treasurer
(Principal Accounting Officer)
